16 Sept 2020 - A new, first of its kind fund to protect coral reefs was officially launched today on the sidelines of the 75th Session of the UN General Assembly, with a coalition of partners convening to mobilise resources to make coral reefs more resilient. The Global Fund for Coral Reefs seeks to raise and invest USD $500 million in coral reef conservation over the next 10 years.
The Fund, a finance instrument that blends private and public funding, will also support businesses and finance mechanisms that improve the health and sustainability of coral reefs and associated ecosystems while empowering local communities and enterprises.
Found in over 100 countries and territories globally, coral reefs support a quarter of all marine life—up to 1 million species. They also provide at least half a billion people with jobs and food while protecting coastlines from storms and flooding. Despite their immense value and immense vulnerability, the protection of coral reefs has been underfunded on a global scale.